Firstly watch supports for the life of on going correction
Nifty-Intra Day Chart Analysis &
Market Outlook(19-01-2021)
Nifty-Intra Day Chart (18-Jan-2021):-
Technical Patterns formation in today intraday charts
1- Down moves with upward corrections
2- Selling between 14265-14343(immediate Resistances)
3- Up moves in Bearish Rising Channel
4- Down moves with upward corrections
5- Whole day actual trading between 14223-14459
Conclusions from intra day chart analysis
Following lines were told at on 16-01-2021 in "Firstly watch immediate maximum target of Nifty at 14754.25 amid Pre-Post Budget news led volatility ":-
1- Nifty will slip towards the lowest of last 5 sessions(14358) and once sustaining below it will mean sharp fall
2- correction continuation is expected in the beginning of next week
3- At present Short Term correction is on and its continuation is expected below last 5 sessions lowest(14358)in the coming week.
4- For correction life firstly sustaining beyond 13-Day SMA(14276) should be watched in the coming week because it is between immediate next supports(14230-14301).
As was told 100% same happened today and:-
1- Nifty slipped below 14358 today
2- Today lowest was just below immediate next supports(14230-14301) at 14,222.80 and closed near 13-Day SMA(14276) at 14281.30.
Nifty slipped 40 points in first 2 minutes and more than 100 points within first 20 minutes as well as after that whole day selling remain continued thorugh Down moves with upward corrections and up moves in Bearish Rising Channel therefore Nifty closed at the lower levels of the day.
As very Short Term Indicators have turned oversold and Nifty closed within mentioned supports(14230-14301) therefore firstly sustaining it beyond should be watched in the coming sessions for the life of on going correction.